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2023
Annual Report
RenaissanceRe Holdings Ltd.
Contents
Financial Highlights . . . . . . 1
Letter to Shareholders . . . . 2
Message from the Chair . .
10
Comments on
Regulation G . . . . . . . . .
12
Form 10-K . . . . . . . . . .
15
Board of Directors and
Leadership Team . . Last Page
Office Locations,
Financial and Investor
Information . . . . . . . . .
OUR
PURPOSE
OUR
VISION
OUR
MISSION
is to protect
communities
and enable
prosperity.
is to be
the best
underwriter.
is to match
desirable risk
with efficient
capital.
41%
78%
59%
Return on Average
Common Equity
Combined Ratio
Change in Book Value per
Common Share plus Change in
Accumulated Dividends
IBC
Financial Highlights
Financial Highlights for RenaissanceRe Holdings Ltd. and Subsidiaries
2023
(In thousands of United States dollars, except per share amounts and percentages)
Gross premiums written
Net income (loss) available (attributable) to RenaissanceRe
common shareholders
Operating income (loss) available (attributable) to RenaissanceRe
common shareholders(1)
Total assets
Total shareholders    equity attributable to RenaissanceRe
2022
2021
$ 8,862,366
$ 2,525,757
$ 9,213,540
$ (1,096,578)
$ 7,833,798
(73,421)
$ 1,824,910


$ 49,007,105
$ 9,454,958
$ 36,552,878
$ 5,325,274
$ 33,959,502
$ 6,624,281

52.27


(1.57)

37.54

7.47

1.67



165.20
141.87
168.39
1.52



104.65
97.15
122.15
1.48



132.17
124.61
148.13
1.44
322,791
78,935
Per common share amounts
Net income (loss) available (attributable) to RenaissanceRe common
shareholders per common share     diluted
Operating income (loss) available (attributable) to RenaissanceRe
common shareholders per common share - diluted(1)
Book value per common share
Tangible book value per common share(1)
Tangible book value per common share plus accumulated dividends(1)
Dividends per common share
(25.50)
Ratios
(1)
Return on average common equity
Operating return on average common equity(1)


40.5
29.3


(22.0)
6.4


Net claims and claim expense ratio
Underwriting expense ratio
Combined ratio


47.8
30.1
77.9


68.5
29.2
97.7


(1.1)
1.3
74.6
27.5
102.1
5HSUHVHQWV D QRQ *$$3   QDQFLDO PHDVXUH  ZKLFK LV UHFRQFLOHG LQ WKH   &RPPHQWV RQ 5HJXODWLRQ *   RQ SDJHV       
Financial Strength Ratings
A.M. Best(1)
S&P(2)
Moody   s(3)
Fitch(4)
Renaissance Reinsurance Ltd.
DaVinci Reinsurance Ltd.
Fontana Reinsurance Ltd.
Fontana Reinsurance U.S. Ltd.
Renaissance Reinsurance of Europe Unlimited Company
Renaissance Reinsurance U.S. Inc.
RenaissanceRe Europe AG
RenaissanceRe Specialty U.S. Ltd.
Top Layer Reinsurance Ltd.
Vermeer Reinsurance Ltd.
Validus Reinsurance Ltd.
Validus Reinsurance (Switzerland) Ltd
A+
A
A
A
A+
A+
A+
A+
A+
A
A
A
A+
A+

A+
A+
A+
A+
AA
A+
A+
A1
A3





A1






RenaissanceRe Syndicate 1458
Lloyd   s Overall Market Rating

A

AA-


AA-
Very Strong


RenaissanceRe ERM Score
Very Strong
Ratings as of March 15, 2024
(1)
7KH $ 0  %HVW UDWLQJV IRU RXU SULQFLSDO RSHUDWLQJ VXEVLGLDULHV DQG MRLQW YHQWXUHV UHSUHVHQW WKH LQVXUHU  V   QDQFLDO VWUHQJWK UDWLQJ  7KH /OR\G  V 2YHUDOO 0DUNHW 5DWLQJ UHSUHVHQWV 
5HQDLVVDQFH5H 6\QGLFDWH       V   QDQFLDO VWUHQJWK UDWLQJ  5HQDLVVDQFH5H KDV EHHQ DVVLJQHG D   9HU\ 6WURQJ   (50 VFRUH E\ $ 0  %HVW  
(2)
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(3)
7KH 0RRG\  V UDWLQJV UHSUHVHQW WKH LQVXUHU  V   QDQFLDO VWUHQJWK UDWLQJ  
(4)
7KH )LWFK UDWLQJ IRU 5HQDLVVDQFH 5HLQVXUDQFH UHSUHVHQWV WKH LQVXUHU  V   QDQFLDO VWUHQJWK UDWLQJ  7KH /OR\G  V 2YHUDOO 0DUNHW 5DWLQJ UHSUHVHQWV 6\QGLFDWH       V   QDQFLDO VWUHQJWK UDWLQJ  
RenaissanceRe Holdings Ltd.
2023 Annual Report
1

Capital Management
$V ZH KDYH IUHTXHQWO\ GLVFXVVHG  RXU SUHIHUHQFH LV WR   UVW 
deploy capital into our business. We had ample opportunity
to do so throughout 2023, both through acquisitions and
organic growth.
2XU PRVW VLJQL  FDQW GHSOR\PHQW RI FDSLWDO ZDV  RI FRXUVH  
our acquisition of Validus from AIG in a transaction that
was immediately accretive to shareholders across our key
  QDQFLDO PHWULFV  6WUDWHJLFDOO\  WKH 9DOLGXV DFTXLVLWLRQ ZDV 
DOVR KLJKO\ EHQH  FLDO    GHHSHQLQJ RXU UHODWLRQVKLS ZLWK $,* 
and adding the talented Validus team to our organization.
We continue to be impressed by their professionalism,
strong work ethic and deep industry knowledge, and
we are undoubtedly a stronger company thanks to their
contributions.
To acquire Validus, we paid approximately $3 billion for $2.1
billion of unlevered shareholders    equity. For a $900 million
premium over book value, we acquired approximately $3.5
billion of well-underwritten premium, as well as a $4.5 billion
investment portfolio. The Validus underwriting portfolio
consists of a high-quality mix of property, casualty, specialty
and credit lines that closely mirrors our own. It is appropriate
WKDW $,* FRQWLQXHV WR EHQH  W IURP WKH DWWUDFWLYH ULVN WKH\ 
have already underwritten. As such, they will retain 95% of
any reserve development, either favorable or adverse.
In anticipation of the Validus transaction, we raised
approximately $2.1 billion through public security issuances.
This generated net proceeds of about $1.35 billion from the
issuance of common shares and about $740 million from the
issuance of 10-year 5.750% senior notes. In addition, AIG
received common shares with a value of about $250 million at
signing. We funded the remainder of the purchase price, about
$640 million, through deployment of existing excess capital.
:KLOH LW LV GLI  FXOW WR LPDJLQH QRZ  DW WKH WLPH ZH GHFLGHG WR 
acquire Validus, property catastrophe reinsurance business
was disfavored. But we had conviction in our vision of
being the best underwriter, and recognized the competitive
DGYDQWDJHV WKDW WKH ODUJH  ZHOO GLYHUVL  HG 9DOLGXV SRUWIROLR 
could bring to us in a favorable reinsurance market.
Conversely, if we had chosen to grow organically in one
area of our portfolio, such as property catastrophe top
layers where demand was strongest at January 1, it would
have unbalanced our portfolio and diluted returns on equity.
RenaissanceRe Holdings Ltd.
2023 Annual Report
For this reason, our overriding objective heading into the
recent January 1 renewal was to retain RenaissanceRe   s
legacy lines while renewing the Validus business we
chose to keep, and to do so without disrupting favorable
market conditions. I am pleased to report that we were
overwhelmingly successful in this endeavor. This is in part
because there is substantial value in incumbency in the
reinsurance industry, which provided us strong client and
broker support for becoming a larger partner.
Our success in renewing the combined portfolio was
EHQH  FLDO WR DOO RXU VWDNHKROGHUV  2XU FXVWRPHUV EHQH  WHG 
from increased access to our highly rated, well capitalized
balance sheets. Brokers had access to an expanded and
PRUH LQ  XHQWLDO PDUNHW  NQRZQ IRU SURYLGLQJ FHUWDLQW\ RI 
execution and a market leading view of risk. Our capital
SDUWQHUV KDYH WKH EHQH  W RI LQFUHDVHG DFFHVV WR GHVLUDEOH 
ULVN  )LQDOO\  RXU VKDUHKROGHUV EHQH  WHG IURP LPSURYHPHQWV 
LQ HDFK RI RXU 7KUHH 'ULYHUV RI 3UR  W  ZKLFK , ZLOO GLVFXVV 
further below.
/RFNLQJ LQ SUR  WDEOH JURZWK E\ GHOLYHULQJ WKH 9DOLGXV 
portfolio is a great example of our ability to execute
decisively when market conditions are favorable. We have
built the industry   s leading platform to accept reinsurance
ULVN HI  FLHQWO\ DQG HIIHFWLYHO\  ZKLFK ZH XVH WR FUHDWH 
enduring value for our shareholders.
Lastly, we paid common dividends of $75 million in 2023,
and recently increased our quarterly dividend for the 29th
consecutive year.
Three Drivers of Profit
Consistent with prior years, I would like to discuss our Three
'ULYHUV RI 3UR  W    XQGHUZULWLQJ  IHH DQG LQYHVWPHQW LQFRPH  
Underwriting Income
2XU   UVW GULYHU RI SUR  W LV WKH LQFRPH ZH HDUQ IURP RXU FRUH 
XQGHUZULWLQJ EXVLQHVV  ,Q       RXU XQGHUZULWLQJ SUR  W ZDV 
$1.6 billion, with $1.4 billion in our Property segment and
$208 million in our Casualty and Specialty segment. This
represents a substantial improvement from 2022, when we
UHSRUWHG DJJUHJDWH XQGHUZULWLQJ SUR  W RI      PLOOLRQ  :H 
are especially pleased to have delivered this result in an
active catastrophe environment in which industry losses
once again exceeded $100 billion (at $120 billion in 2023
vs $132 billion in 2022).
3
 • shareholder letter icon 3/26/2024 Letter Continued (Full PDF)
 • stockholder letter icon 3/23/2023 RNR Stockholder Letter
 • stockholder letter icon More "Insurance Brokers" Category Stockholder Letters
 • Benford's Law Stocks icon RNR Benford's Law Stock Score = 91


RNR Shareholder/Stockholder Letter Transcript:

2023
Annual Report
RenaissanceRe Holdings Ltd.

Contents
Financial Highlights . . . . . . 1
Letter to Shareholders . . . . 2
Message from the Chair . .
10
Comments on
Regulation G . . . . . . . . .
12
Form 10-K . . . . . . . . . .
15
Board of Directors and
Leadership Team . . Last Page
Office Locations,
Financial and Investor
Information . . . . . . . . .
OUR
PURPOSE
OUR
VISION
OUR
MISSION
is to protect
communities
and enable
prosperity.
is to be
the best
underwriter.
is to match
desirable risk
with efficient
capital.
41%
78%
59%
Return on Average
Common Equity
Combined Ratio
Change in Book Value per
Common Share plus Change in
Accumulated Dividends
IBC

Financial Highlights
Financial Highlights for RenaissanceRe Holdings Ltd. and Subsidiaries
2023
(In thousands of United States dollars, except per share amounts and percentages)
Gross premiums written
Net income (loss) available (attributable) to RenaissanceRe
common shareholders
Operating income (loss) available (attributable) to RenaissanceRe
common shareholders(1)
Total assets
Total shareholders    equity attributable to RenaissanceRe
2022
2021
$ 8,862,366
$ 2,525,757
$ 9,213,540
$ (1,096,578)
$ 7,833,798
(73,421)
$ 1,824,910


$ 49,007,105
$ 9,454,958
$ 36,552,878
$ 5,325,274
$ 33,959,502
$ 6,624,281

52.27


(1.57)

37.54

7.47

1.67



165.20
141.87
168.39
1.52



104.65
97.15
122.15
1.48



132.17
124.61
148.13
1.44
322,791
78,935
Per common share amounts
Net income (loss) available (attributable) to RenaissanceRe common
shareholders per common share     diluted
Operating income (loss) available (attributable) to RenaissanceRe
common shareholders per common share - diluted(1)
Book value per common share
Tangible book value per common share(1)
Tangible book value per common share plus accumulated dividends(1)
Dividends per common share
(25.50)
Ratios
(1)
Return on average common equity
Operating return on average common equity(1)


40.5
29.3


(22.0)
6.4


Net claims and claim expense ratio
Underwriting expense ratio
Combined ratio


47.8
30.1
77.9


68.5
29.2
97.7


(1.1)
1.3
74.6
27.5
102.1
5HSUHVHQWV D QRQ *$$3   QDQFLDO PHDVXUH  ZKLFK LV UHFRQFLOHG LQ WKH   &RPPHQWV RQ 5HJXODWLRQ *   RQ SDJHV       
Financial Strength Ratings
A.M. Best(1)
S&P(2)
Moody   s(3)
Fitch(4)
Renaissance Reinsurance Ltd.
DaVinci Reinsurance Ltd.
Fontana Reinsurance Ltd.
Fontana Reinsurance U.S. Ltd.
Renaissance Reinsurance of Europe Unlimited Company
Renaissance Reinsurance U.S. Inc.
RenaissanceRe Europe AG
RenaissanceRe Specialty U.S. Ltd.
Top Layer Reinsurance Ltd.
Vermeer Reinsurance Ltd.
Validus Reinsurance Ltd.
Validus Reinsurance (Switzerland) Ltd
A+
A
A
A
A+
A+
A+
A+
A+
A
A
A
A+
A+

A+
A+
A+
A+
AA
A+
A+
A1
A3





A1






RenaissanceRe Syndicate 1458
Lloyd   s Overall Market Rating

A

AA-


AA-
Very Strong


RenaissanceRe ERM Score
Very Strong
Ratings as of March 15, 2024
(1)
7KH $ 0  %HVW UDWLQJV IRU RXU SULQFLSDO RSHUDWLQJ VXEVLGLDULHV DQG MRLQW YHQWXUHV UHSUHVHQW WKH LQVXUHU  V   QDQFLDO VWUHQJWK UDWLQJ  7KH /OR\G  V 2YHUDOO 0DUNHW 5DWLQJ UHSUHVHQWV 
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(2)
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5HQDLVVDQFH5H 6\QGLFDWH       V   QDQFLDO VWUHQJWK UDWLQJ  5HQDLVVDQFH5H KDV EHHQ DVVLJQHG D   9HU\ 6WURQJ   (50 VFRUH E\ 6 3 
(3)
7KH 0RRG\  V UDWLQJV UHSUHVHQW WKH LQVXUHU  V   QDQFLDO VWUHQJWK UDWLQJ  
(4)
7KH )LWFK UDWLQJ IRU 5HQDLVVDQFH 5HLQVXUDQFH UHSUHVHQWV WKH LQVXUHU  V   QDQFLDO VWUHQJWK UDWLQJ  7KH /OR\G  V 2YHUDOO 0DUNHW 5DWLQJ UHSUHVHQWV 6\QGLFDWH       V   QDQFLDO VWUHQJWK UDWLQJ  
RenaissanceRe Holdings Ltd.
2023 Annual Report
1


Capital Management
$V ZH KDYH IUHTXHQWO\ GLVFXVVHG  RXU SUHIHUHQFH LV WR   UVW 
deploy capital into our business. We had ample opportunity
to do so throughout 2023, both through acquisitions and
organic growth.
2XU PRVW VLJQL  FDQW GHSOR\PHQW RI FDSLWDO ZDV  RI FRXUVH  
our acquisition of Validus from AIG in a transaction that
was immediately accretive to shareholders across our key
  QDQFLDO PHWULFV  6WUDWHJLFDOO\  WKH 9DOLGXV DFTXLVLWLRQ ZDV 
DOVR KLJKO\ EHQH  FLDO    GHHSHQLQJ RXU UHODWLRQVKLS ZLWK $,* 
and adding the talented Validus team to our organization.
We continue to be impressed by their professionalism,
strong work ethic and deep industry knowledge, and
we are undoubtedly a stronger company thanks to their
contributions.
To acquire Validus, we paid approximately $3 billion for $2.1
billion of unlevered shareholders    equity. For a $900 million
premium over book value, we acquired approximately $3.5
billion of well-underwritten premium, as well as a $4.5 billion
investment portfolio. The Validus underwriting portfolio
consists of a high-quality mix of property, casualty, specialty
and credit lines that closely mirrors our own. It is appropriate
WKDW $,* FRQWLQXHV WR EHQH  W IURP WKH DWWUDFWLYH ULVN WKH\ 
have already underwritten. As such, they will retain 95% of
any reserve development, either favorable or adverse.
In anticipation of the Validus transaction, we raised
approximately $2.1 billion through public security issuances.
This generated net proceeds of about $1.35 billion from the
issuance of common shares and about $740 million from the
issuance of 10-year 5.750% senior notes. In addition, AIG
received common shares with a value of about $250 million at
signing. We funded the remainder of the purchase price, about
$640 million, through deployment of existing excess capital.
:KLOH LW LV GLI  FXOW WR LPDJLQH QRZ  DW WKH WLPH ZH GHFLGHG WR 
acquire Validus, property catastrophe reinsurance business
was disfavored. But we had conviction in our vision of
being the best underwriter, and recognized the competitive
DGYDQWDJHV WKDW WKH ODUJH  ZHOO GLYHUVL  HG 9DOLGXV SRUWIROLR 
could bring to us in a favorable reinsurance market.
Conversely, if we had chosen to grow organically in one
area of our portfolio, such as property catastrophe top
layers where demand was strongest at January 1, it would
have unbalanced our portfolio and diluted returns on equity.
RenaissanceRe Holdings Ltd.
2023 Annual Report
For this reason, our overriding objective heading into the
recent January 1 renewal was to retain RenaissanceRe   s
legacy lines while renewing the Validus business we
chose to keep, and to do so without disrupting favorable
market conditions. I am pleased to report that we were
overwhelmingly successful in this endeavor. This is in part
because there is substantial value in incumbency in the
reinsurance industry, which provided us strong client and
broker support for becoming a larger partner.
Our success in renewing the combined portfolio was
EHQH  FLDO WR DOO RXU VWDNHKROGHUV  2XU FXVWRPHUV EHQH  WHG 
from increased access to our highly rated, well capitalized
balance sheets. Brokers had access to an expanded and
PRUH LQ  XHQWLDO PDUNHW  NQRZQ IRU SURYLGLQJ FHUWDLQW\ RI 
execution and a market leading view of risk. Our capital
SDUWQHUV KDYH WKH EHQH  W RI LQFUHDVHG DFFHVV WR GHVLUDEOH 
ULVN  )LQDOO\  RXU VKDUHKROGHUV EHQH  WHG IURP LPSURYHPHQWV 
LQ HDFK RI RXU 7KUHH 'ULYHUV RI 3UR  W  ZKLFK , ZLOO GLVFXVV 
further below.
/RFNLQJ LQ SUR  WDEOH JURZWK E\ GHOLYHULQJ WKH 9DOLGXV 
portfolio is a great example of our ability to execute
decisively when market conditions are favorable. We have
built the industry   s leading platform to accept reinsurance
ULVN HI  FLHQWO\ DQG HIIHFWLYHO\  ZKLFK ZH XVH WR FUHDWH 
enduring value for our shareholders.
Lastly, we paid common dividends of $75 million in 2023,
and recently increased our quarterly dividend for the 29th
consecutive year.
Three Drivers of Profit
Consistent with prior years, I would like to discuss our Three
'ULYHUV RI 3UR  W    XQGHUZULWLQJ  IHH DQG LQYHVWPHQW LQFRPH  
Underwriting Income
2XU   UVW GULYHU RI SUR  W LV WKH LQFRPH ZH HDUQ IURP RXU FRUH 
XQGHUZULWLQJ EXVLQHVV  ,Q       RXU XQGHUZULWLQJ SUR  W ZDV 
$1.6 billion, with $1.4 billion in our Property segment and
$208 million in our Casualty and Specialty segment. This
represents a substantial improvement from 2022, when we
UHSRUWHG DJJUHJDWH XQGHUZULWLQJ SUR  W RI      PLOOLRQ  :H 
are especially pleased to have delivered this result in an
active catastrophe environment in which industry losses
once again exceeded $100 billion (at $120 billion in 2023
vs $132 billion in 2022).
3



shareholder letter icon 3/26/2024 Letter Continued (Full PDF)
 

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